PARIS, FRANCE – FEBRUARY 16: In this photo illustration, a visual representation of digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin is displayed on February 16, 2018 in Paris, France. Digital cryptocurrencies have seen unprecedented growth in 2017, despite remaining extremely volatile. (Photo Illustration by Chesnot/Getty Images)
Getty Images
Most crypto tax laws target what you earn. Illinois is targeting something different: the simple act of moving your own crypto from one place to another. Under Illinois SB3019, which adds a new “Digital Asset Tax Act” to state law, Illinois residents could owe a 0.2% tax every time they transfer crypto, regardless of whether they made a single dollar in profit. This is…
